Short Interest in Shopify Inc. (NYSE:SHOP) Declines By 22.0%

Shopify Inc. (NYSE:SHOP) (TSE:SHOP) saw a large decline in short interest during the month of January. As of January 31st, there was short interest totalling 13,170,000 shares, a decline of 22.0% from the January 15th total of 16,890,000 shares. Currently, 1.1% of the shares of the stock are short sold. Based on an average daily trading volume, of 8,540,000 shares, the days-to-cover ratio is presently 1.5 days.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of SHOP. GAMMA Investing LLC lifted its holdings in shares of Shopify by 73.5% during the third quarter. GAMMA Investing LLC now owns 597 shares of the software maker’s stock valued at $48,000 after purchasing an additional 253 shares in the last quarter. CWM LLC lifted its holdings in shares of Shopify by 14.9% during the third quarter. CWM LLC now owns 14,097 shares of the software maker’s stock valued at $1,130,000 after purchasing an additional 1,832 shares in the last quarter. Creative Planning lifted its holdings in shares of Shopify by 4.4% during the third quarter. Creative Planning now owns 392,415 shares of the software maker’s stock valued at $31,448,000 after purchasing an additional 16,375 shares in the last quarter. NBC Securities Inc. lifted its holdings in shares of Shopify by 32.2% during the third quarter. NBC Securities Inc. now owns 8,808 shares of the software maker’s stock valued at $705,000 after purchasing an additional 2,146 shares in the last quarter. Finally, Sumitomo Life Insurance Co. lifted its holdings in shares of Shopify by 2.8% during the third quarter. Sumitomo Life Insurance Co. now owns 13,112 shares of the software maker’s stock valued at $1,051,000 after purchasing an additional 357 shares in the last quarter. 69.27% of the stock is owned by institutional investors.

Shopify Stock Up 0.6 %

Shares of NYSE SHOP traded up $0.71 during trading on Friday, reaching $128.36. The company had a trading volume of 8,508,068 shares, compared to its average volume of 6,434,349. Shopify has a 12-month low of $48.56 and a 12-month high of $128.57. The stock has a market cap of $165.85 billion, a PE ratio of 119.96, a P/E/G ratio of 2.49 and a beta of 2.47. The business’s 50-day moving average is $111.90 and its 200 day moving average is $92.98. The company has a quick ratio of 7.10, a current ratio of 7.10 and a debt-to-equity ratio of 0.09.

Shopify (NYSE:SHOP) (TSE:SHOP) last released its earnings results on Tuesday, February 11th. The software maker reported $0.34 EPS for the quarter, missing analysts’ consensus estimates of $0.44 by ($0.10). Shopify had a return on equity of 11.60% and a net margin of 16.84%. As a group, equities analysts forecast that Shopify will post 0.91 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of analysts recently weighed in on SHOP shares. Loop Capital upgraded Shopify from a “hold” rating to a “buy” rating and boosted their target price for the stock from $110.00 to $140.00 in a research report on Friday, December 6th. UBS Group boosted their target price on Shopify from $110.00 to $125.00 and gave the stock a “neutral” rating in a research report on Wednesday. Wells Fargo & Company boosted their target price on Shopify from $120.00 to $135.00 and gave the stock an “overweight” rating in a research report on Wednesday. Moffett Nathanson boosted their target price on Shopify from $86.00 to $99.00 and gave the stock a “neutral” rating in a research report on Tuesday, November 26th. Finally, Evercore ISI boosted their target price on Shopify from $125.00 to $140.00 and gave the stock an “outperform” rating in a research report on Wednesday. One equities research analyst has rated the stock with a sell rating, fourteen have given a hold rating, twenty-four have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $126.21.

About Shopify

Shopify Inc, a commerce company, provides a commerce platform and services in Canada, the United States, Europe, the Middle East, Africa, the Asia Pacific, Australia, China, and Latin America. The company’s platform enables merchants to displays, manages, markets, and sells its products through various sales channels, including web and mobile storefronts, physical retail locations, pop-up shops, social media storefronts, native mobile apps, buy buttons, and marketplaces; and enables to manage products and inventory, process orders and payments, fulfill and ship orders, new buyers and build customer relationships, source products, leverage analytics and reporting, manage cash, payments and transactions, and access financing.